Candel Therapeutics, Inc.

Listed Company

CADLCIK 0001841387NasdaqEmerging GrowthBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-38.20M

Total Assets

$125.19M

Equity

$51.92M

Shares Out

73.25M

Op. Cash Flow

$-38.31M

Business

Candel Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing off-the-shelf viral immunotherapies that induce individualized systemic anti-tumor immune responses in solid tumors. Its main products are engineered adenovirus and herpes simplex virus (HSV) candidates, principally CAN-2409 (adenoviral plus prodrug) and CAN-3110 (HSV oncolytic), and preclinical assets from its enLIGHTEN™ discovery platform. Key business activities include clinical development, discovery platform research, manufacturing via third-party CDMOs, and strategic collaborations and licensing. It pursues regulatory approvals and clinical trials in the United States, Europe and Asia and distributes treatments via intratumoral administration through healthcare providers.

Summary from filing dated 2025-03-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	30	19	25	21	15
General and administrative	18	14	14	14	11
Total operating expenses	48	33	38	35	26
Loss from operations	−48	−33	−38	−35	−26
Grant income	89,000	—	—	48,000	1
Interest income	4	1	2	—	—
Interest expense	−2	−2	−3	—	—
Change in fair value of warrant liabilities	8	−21	966,000	16	−11
Total other income (expense), net	10	−22	452,000	16	−10
Net loss and comprehensive loss	−38	−55	−38	−19	−36
Net loss per share - basic	−0.72	−1.74	−1.31	−0.65	−1.91
Net loss per share - diluted	−0.72	−1.74	−1.31	−0.65	−1.91
Weighted-average common shares outstanding, basic	53	32	29	29	19
Weighted-average common shares outstanding, diluted	53	32	29	29	19

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	120	103	35	70	83
Prepaid expenses and other current assets	2	1	1	2	2
Total current assets	121	104	37	72	85
Fixed assets, net	2	2	3	4	4
Lease right of use assets	2	542,000	816,000	1	—
Restricted cash	416,000	266,000	266,000	266,000	424,000
Other assets	87,000	63,000	116,000	—	—
Total assets	125	107	41	78	89
Accounts payable	1	237,000	422,000	380,000	2
Accrued expenses	7	5	4	5	3
Current portion of term loans	0	10	9	—	—
Current portion of lease liability	445,000	566,000	513,000	464,000	—
Warrant liabilities	0	22	0	—	—
Other current liabilities	89,000	0	—	48,000	334,000
Total current liabilities	9	38	14	6	5
Deferred revenue	89,000	0	—	144,000	—
Term loans, net of current portion	46	2	12	20	—
Other long-term debt	1	870,000	751,000	648,000	560,000
Lease liability, net of current portion	1	407,000	973,000	1	—
Warrant liabilities	16	0	916,000	2	18
Total liabilities	73	41	28	30	25
Commitments and contingencies (Note 15)	—	—	—	—	—
Preferred stock, $0.01 par value; 10,000,000 shares authorized at December 31, 2025 and 2024; no shares issued or outstanding at December 31, 2025 and 2024, respectively.	—	—	—	—	—
Common stock, $0.01 par value; 150,000,000 shares authorized at December 31, 2025 and 2024; 55,020,911 and 46,933,088 shares issued at December 31, 2025 and 2024, respectively; and 54,898,303 and 46,810,480 shares outstanding at December 31, 2025 and 2024, respectively.	550,000	469,000	290,000	290,000	286,000
Treasury stock (at cost)	−448,000	−448,000	−448,000	−448,000	—
Additional paid-in capital	282	259	150	147	144
Accumulated deficit	−230	−192	−137	−99	−80
Total stockholders' equity	52	66	13	48	64
Total liabilities and stockholders' equity	125	107	41	78	89

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−38	−55	−38	−19	−36
Depreciation expense	800,000	1	1	800,000	—
Impairment of fixed assets	90,000	41,000	390,000	—	—
Loss on the sale and disposal of fixed assets	300,000	0	79,000	—	—
Non-cash stock compensation expense	4	5	3	2	3
Non-cash lease expense	321,000	274,000	240,000	209,000	—
Non-cash interest expense	138,000	119,000	103,000	89,000	76,000
Accretion of debt discount	360,000	270,000	323,000	291,000	—
Prepaid expenses and other current assets	−508,000	234,000	503,000	416,000	−2
Other assets	−24,000	53,000	−116,000	—	—
Accounts payable	802,000	−185,000	45,000	−1	669,000
Accrued expenses	2	757,000	−301,000	1	297,000
Deferred income	178,000	—	−192,000	67,000	−125,000
Lease liability	−509,000	−513,000	−464,000	−464,000	—
Net cash used in operating activities	−38	−27	−34	−31	−22
Purchase of fixed assets	−587,000	−16,000	−457,000	−1	−2
Proceeds from the sale of fixed assets	27,000	—	177,000	—	—
Net cash used in investing activities	−560,000	−16,000	−280,000	−1	−2
Proceeds from term loan, net of issuance costs	48	—	—	—	—
Proceeds from issuance of common stock in registered direct offering, net of issuance costs	14	—	—	—	—
Proceeds from option exercises	516,000	2	—	64,000	35,000
Principal payments on term loan payable to a bank	−12	−9	—	—	—
Net cash provided by financing activities	56	94	−121,000	20	72
Net increase in cash, cash equivalents and restricted cash	17	67	−35	−13	48
Cash paid for interest	1	2	2	1	—
Change in right of use asset and lease liability due to lease amendment	1	—	—	—	—
Initial fair value of warrant liability in connection with debt financing	2	—	—	—	—
Capital expenditures in accounts payable and accrued expenses	132,000	—	—	69,000	—
Deferred offering issuance costs in accounts payable and accrued expenses	93,000	—	—	—	—

Filings

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